When determining the markup, it is important to know whether it is based on cost or selling price.

Answer the following statement true (T) or false (F)


True

Business

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A company purchased new furniture at a cost of $29,000 on September 30. The furniture is estimated to have a useful life of 5 years and a salvage value of $3500. The company uses the straight-line method of depreciation. How much depreciation expense will be recorded for the furniture for the first year ended December 31?

A. $1275 B. $1450 C. $1625 D. $5125 E. $425

Business

Which of the following statements is true?

A) Contract buying assures suppliers they have a given amount of business and commits them to allocating that amount of their capacity to the customer. B) In contract buying, price and delivery are negotiated each time an order is released. C) EDI does not eliminate much of the paper work associated with buying. D) Contract buying is useful for short term purchases.

Business

To avoid contributing to a shadowy environment, followers must deliver ______ and accept responsibility for their actions.

A. bad news B. reprimands C. punishment D. firings

Business

The readily apparent symbols and manifestations of an organization's culture are called its _____.

Fill in the blank(s) with the appropriate word(s).

Business